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Toronto and West GTA Real Estate Market Update – January 2021

Jan 8, 2021 | Market News

Here are the real estate market stats you need to know for January 2021 vs. 2020 home sales in Toronto, Mississauga, Oakville, Burlington.

January sales were hot, hot, hot!

Not surprising as it’s the 7th consecutive month where GTA sales have set a record. Transaction volume was up more than 50% across the Toronto Real Estate Board.

The market in Toronto had impressive price growth in ranging between 10-17% in the freehold categories, however we have been seeing a MASSIVE increase in price growth in the surrounding GTA areas with buyers leaving Toronto and moving to nearby communities.

Mississauga, Oakville and Burlington

Mississauga, Oakville and Burlington had tremendous price gains in January compared to this time last year – Oakville topping out at an almost 28% increase in values for detached homes and coming in at just under $1.9 million on the detached average price.

Some are calling Burlington the ’new Oakville’ as it has seen a huge jump at almost 25% increase in values for detached homes and an average price of $1.379 million.

Mississauga continues to go strong with a 20% increase in values for detached homes and an average price of $1.485 million.

On the condo market side

Although as an average the prices are down year/year in Toronto and slightly in Mississauga, we have seen an uptick in sales volume as the condo market is starting to gain steam. In Mississauga we have been in multiple offers and a lot of activity in the sub $600k price point favourable for first time buyers.

Condos in Oakville and Burlington continue to perform well and have seen favourable price increases due to lack of supply and increased demand for more affordable real estate options.

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